In 2010, the Keenan Company paid dividends totaling $3.6 million on net income of $10.8 million. The year was a normal one, and earnings have grown at a constant rate of 10% for the past 10 years. However, in 2011, earnings are expected to jump to $14.4 million, and the firm expects to have profitable investment opportunities of $8.4 million. It is predicted that Keenan will not be able to maintain the 2011 level of earnings growth---the high 2011 projected earnings level is due to an exceptionally profitable new product line to be introduced that year---and then the company will return to tis previous 10% growth rate. Keenan